Low Cost Initiative for First Time Buyers (LIFT)
The Scottish Government has a range of initiatives to help first time buyers get into the property market. These are primarily aimed at people on low incomes that cannot afford to pay the full market price for a house.
Currently the Scottish Government's two main initiatives are:
New Supply Shared Equity (NSSE)
Under this scheme the Scottish Government gives social landlords (like Wishaw and District Housing Association) grants to help them fund the building or buying of new homes which will then be made available for purchase on a shared equity basis. The purchaser has to raise funds to buy the majority stake in the property (normally between 60 and 80 per cent) with the Scottish Government making a contribution for the remaining share.
Although the purchaser will own the property outright, the Scottish Government will retain a financial interest in the property under the Shared Equity Agreement. If you subsequently sell the property you will receive a percentage share of the sale price. For example, if you own an 80 percent stake in your property when you want to move, then you will get 80 per cent on the selling price when it is sold.
Open Market Shared Equity
The Open Market Shared Equity scheme operates in a similar way to the New Supply Shared Equity scheme but applies to first time buyers seeking to purchase an exisiting property on the open market.
The scheme is avalable on existing properties throughout Scotland and there are 5 Housing Associations currently operating the scheme on behalf of the Scottish Government - Link Homes being the appointed Association for the North Lanarkshire area.
If you are a potential first time buyer and are interested in this scheme please contact Link Homes by telephone 0845-155-0019 or by email at firstname.lastname@example.org
More information on Shared Equity Schemes is available on the Scottish Government website.